EXMAR LPG disposes of 2 older LPG vessels

Company Profiles, LPG, Reports, Sales and Purchases — By on February 17, 2014 at 6:24 PM

EXMAR logo untitledEXMAR LPG (the Joint Venture between EXMAR and Teekay LNG PARTNERS) is pleased to announce the sale of the Very Large Gas Carrier FLANDERS HARMONY (85, 826 m³ – 1993 built) and the Midsize  Gas Carrier TEMSE (35, 754 m³ – 1994 built).

TEMSE is expected to be delivered to its new owners by the end of the first quarter 2014 and
FLANDERS HARMONY in the course of the second quarter 2014.

The capital gain realized by EXMAR for its 50% share in EXMAR LPG will be approximately USD 10.4
million. This transaction will generate for EXMAR LPG net cash proceeds of around USD 30.0 million.
The gradual sale of older tonnage coincides with the forthcoming deliveries of EXMAR’s more efficient
Midsize newbuildings. These deliveries will substantially increase the company’s ability to support its
customers with a competitive quality fleet based on innovative designs.

EXMAR LPG has increased its participation of 33% in the time-charter in of BW TOKYO (83, 300m³ –
2009 built) and BW KYOTO (83, 300 m³ – 2010 built) to 50 % in both vessels. In addition, BW LPG and
EXMAR agreed that the BW TOKYO will be commercially operated by EXMAR from end March onwards.

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